Newton Project Launches “Amazon on Blockchain” NewMall - Reuters

 

Newton Project Launches “Amazon on Blockchain” NewMall

Newton Project Launches “Amazon on Blockchain” NewMall

Thu Apr 25, 2019 - 08:30am UTC

Dubbed “Amazon on Blockchain”, NewMall, the first DApp of Newton Project, went online on April 23rd Singapore time.

April 25, 2019

Dubbed “Amazon on Blockchain”, NewMall, the first DApp of Newton Project, went online on April 23rd Singapore time. Users are now able to purchase daily necessities of mainstream brands via fiat currency on NewMall. The test version of NewMall was available already earlier this month.

Unlike traditional e-commerce platforms, NewMall ensures users’ benefits and the ownership of data assets based on blockchain. Any positive contributions on NewMall including purchases, invitations of new users, will be rewarded by NEW tokens according to a score system named NewForce, which records users’ contributions. In addition, all the purchase data generated by transaction will be fully protected and owned by users. No one can access the data without the authorization of the user. Users can get profit by sharing their own data. By this way to fulfill Newton’s vision: “everyone should benefit from the economic growth”.

“One of the biggest problems that exist in the current e-commerce industry is the monopoly. E-commerce giants like Alibaba accumulate huge amounts of users’ data through daily transactions, and keep it to themselves. The data assets grant them a strong competitive edge and they wipe out smaller merchants by charging high fees while users and sellers barely benefit from the data they generate.” Xu Jizhe, the Founder of Newton says.

Xu pointed out that fees on traditional e-commerce platforms can reach 20%-25% of turnover. “ This fee is way too high. We are changing this on NewMall by making sure everyone on the platform benefits.” According to Xu, the platform fees for merchants who entered NewMall will be free in the early stages and will increase gradually to only half price of the traditional e-commerce platforms. “This is because the Newton project is initiated by a non-profit foundation. Unlike the traditional e-commerce platform, NewMall does not pursue huge profits as other traditional commercial intermediaries. On the contrary, NewMall will return the platform fees to the platform users and participants of community economy in many ways.” Xu said.

“We believe that everyone should benefit from economic growth, and we will devote ourselves to it. This is the future community economy, which is completely different from the current corporate economy”

The launch of NewMall marks that for the first time blockchain has served the real economy at scale. Now, Newton has entered 89 countries, with 32 Telegram groups for overseas countries totaling over 170,000 community members. On this basis, Newton expects to serve over 100 million people within the next five years.

Founded in 2018, Newton Project is positioned as “infrastructure for the community economy”, whose vision is to create a freer, fairer, and more open global economy by providing a better means for community governance, collaboration, and motivation.
Newton ‘s advisors include Theodore Gray, Co-Founder of Wolfram Research and Creator of the Mathematica Notebook System; Li Songbo, former CTO of Sina and Partner at DFJ Venture Capital; and Masanari Koike, Visiting Fellow at the Department of Social Sciences, Research Center for Japanese Studies at Tsinghua University. Newton ‘s investors include BlockVC and Liu Jun, Co-Founder of Lightinthebox, among others.

Contact Info:
Name: Li Ling
Organization: Newton
Website: https://www.newtonproject.org/

Release ID: 505832

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